The Georgian economy is projected to grow 5.5% in 2022 and 5% in 2023, - the January edition of the World Bank’s report Global Economic Prospects 2022 says. The growth forecast in Georgia is higher than in neighboring Armenia and Azerbaijan.
World Bank forecast for economic growth in the region:
• Georgia - 5.5% in 2022; 5% in 2023;
• Armenia - 4.8% in 2022; 5.4% in 2023;
• Azerbaijan - 3.1% in 2022; 2.7% in 2023;
• Turkey - 2% in 2022; 3% in 2023;
• Russia - 2.4% in 2022; 1.8% in 2023;
• Ukraine - 3.2% in 2022; 3.5% in 2023.
As of the WB report, Georgian economy is estimated to be the second-fastest growing economy in the region of Europe and Central Asia (ECA) in 2021, with an estimated growth of 10.5%, “reflecting a strong rebound in domestic demand”.
Georgia’s economy is projected to ease toward its potential growth rate in 2022 and 2023 amid tighter fiscal policy.
The forecast is predicated on an easing of geopolitical tensions, limited pandemic-related disruptions supported by progress with vaccinations, and improving consumer and business confidence”, - the WB report reads.
